GBM RESOURCES LIMITED. — Capital/Financing Update 2023

Jul 26, 2023

Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153

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E info@gbmr.com.au P +61 (8) 9316 9100 F +61 (8) 9315 5475

gbmr.com.au

ABN 91 124 752 745

ASX Announcement 27 July 2023

Potential New Mineralised Zone - Mt Margaret IOCG Project

Key Points

• A single diamond hole drill to 558 m has intersected a major new shear zone and broad base metal mineralisation at the FC4 Prospect, Mt Margaret Project, Cloncurry.

• Results include 40 m @ 0.32% Zn from 228 m (incl. 9 m @ 0.82% Zn from 228 m, 4 m @ 0.11% Pb and 16 m @ 590 ppm Cu from 229 m)

• The shear zone geology and geophysics has strong similarity to the nearby E1 IOCG deposit (48 Mt @ 0.72% Cu & 0.21 g/t Au).

• The magnetite shear zone has a strike length of approximately 12 km and follow up drill testing of the shear zone hosted E1-type priority targets is planned for the 4[th] Qtr 2023.

GBM Resources Limited (ASX: GBZ) (GBM or the Company) is pleased to announce results from the recent single-hole drilling program at the Mt Margaret Project, located near the Ernest Henry and E1 mines, Cloncurry, northwest Queensland. The Cloncurry Project is subject to a Farm-In/Joint Venture agreement with Nippon Mining of Australia (NMA, a wholly owned subsidiary of JX Metals Corporation (JXM), previously JX Nippon Mining & Metals Corporation). The Cloncurry Project exploration is fully funded by NMA who currently hold a 55% interest in the Joint Venture.

A single drill hole was designed to test a strong Moving Loop EM conductor which was generated from an MLEM survey completed last year over the same belt of magnetic rocks that hosts the Ernest Henry deposit 7 km to the southwest. The target model for the drill hole was shear and breccia hosted Eloisetype Iron Sulphide Copper Gold mineralisation (ISCG) hosted within Fort Constantine Volcanics. Drill hole MMA016 was terminated near planned depth at 558.2 m, intersecting a pyrrhotitic black shale within the EM target depth range. Above the shale, however, a broad interval of intensely sheared and magnetitebiotite+-chalcopyrite altered rocks was intercepted, and between the magnetite shear and the shale a wide zone of highly anomalous base metal mineralisation was returned (40 m @ 0.32% Zn from 228 m with anomalous Cu and Pb).

The suite of lithologies, association of chalcopyrite with magnetite metasomatism and the complex shear/fold fabric in MMA016 shows strong similarity to the E1 deposit located 7 km to the southeast. (Exco Resources 2010 and Xstrata 2012 quoted the E1 Mineral Resource of 48 Mt @ 0.72 % Cu & 0.21 g/t Au). E1 also displays some Zn-Pb-Ag anomalism from sphalerite and galena as accessories in the sulphide assemblage, however the discrete lithological host to the base metal mineralisation at the contact with the shear zone in MMA016 points to an additional separate target unit and deposit style within the FC4 area. See pages 6 and 7 for more details of the geological similarities to the E1 deposit.

Approximately 12 km strike length of the magnetite shear zone is interpreted to occur under thin sedimentary cover within the GBM/NMA tenement holding. A set of priority targets has been defined along the magnetite shear trend, targeting E1-style magnetic and structural patterns and Eloise type occurrences in the base-metal host unit. Exploration budgets have been approved from GBM’s JV partner for the 2023 field season. Planning is now underway for a follow-up drill program in the FC4 area, scheduled for the fourth quarter of 2023.

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GBM Managing Director & CEO, Peter Rohner, commented: “The recent hole along with the understanding of the geological package has confirmed priority targets to be followed up with a more extensive drill program in the fourth quarter of 2023.”

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Figure 1: Mt Margaret Project FC4 prospect. Location of drill hole MMA016 relative to the Ernest Henry and E1 mines. Base image is TMI RTP magnetics and satellite imagery.

FC4 Diamond Drilling Program

The single-hole diamond drilling program was completed in April this year by DDH1 Drilling. Drill hole MMA016 was pre-collared through approximately 50 m vertical thickness of Tertiary and Mesozoic cover sediments then drilled to completion through the Proterozoic sequence with HQ diamond to a final depth of 558.2 m, just past the planned depth of 550 m. The hole was then cased with PVC pipe to 540 m in preparation for down hole geophysical logging.

MMA016 is located on the centre line of the 2022 MLEM survey completed in 2022 at FC4. The hole was designed to test a three-model EM plate confluence near the plate upper edge (between 300-400 m depth), close to an existing MIMDAS resistivity/chargeability anomaly. The target was massive sulphide (ISCG Eloise-type) mineralisation in Fort Constantine felsic volcanics based on the presence of pyrrhotite/pyrite bearing reduced black shales and copper anomalous breccias under thin cover in nearby historical drilling, and spatially related narrow, linear magnetic anomalies typically associated with ISCG mineralisation.

Results

The source of the EM conductor is interpreted to be a black shale intersected between 329 and 385 m. Down hole EM logging confirmed strong discrete conductive response within the top third of the shale corresponding to a zone of intense fracturing and graphite coating on fracture surfaces. Abundant pyrite (Py) and pyrrhotite (Po) intergrowths in veins and irregular clots will contribute to conductivity. The

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interpreted dip of the shale unit from core measurements and from section interpretation (see crosssection below) matches well the modelled EM plate and DHEM model dip.

The basement rocks intersected in the upper part of the hole are characterized by an intense and pervasive shear fabric and associated magnetite-biotite-actinolite-feldspar alteration that makes identification of the host rocks difficult. The main hosts are presumed to be intercalated sediments (most probably psammite, some possibly calcareous) and intermediate volcanics of the Fort Constantine Volcanics Formation. The magnetite shear zone in MMA016 is interpreted to represent the northern continuation of the Rhea Shear Zone (RSZ), identified by Xstrata as a bounding structure on the west side of the magnetic belt that hosts the Ernest Henry copper-gold deposit (see Figure 1).

The RSZ is clearly a major structure, over 150 m true width in MMA016 and more than 20 km in length from EHM through the GBM/NMA tenement holding. GBM interprets the RSZ to represent an early (D1) and major regional bedding-parallel ductile/brittle thrust that exhibits later D2 folding and stratabound magnetite metasomatism, and subsequent D3-D4 refolding which is evident in the magnetics data. Minor chalcopyrite mineralisation present as fine disseminations within the magnetite alteration within the RSZ in MMA016 may be associated with later folding, introduced at Fe-redox and/or dilational sites.

At the lower contact of the Rhea Shear Zone, MMA016 intersected a 40 m wide intensely altered and sheared, relatively non-magnetic zone of probable metasedimentary/calcareous and volcanic rocks. The unusual green alteration hosts fine-grained sulphide stringer veins parallel with the shear fabric. The stringer veins are dominantly pyrite but probably contain sphalerite, galena and chalcopyrite also as assay results through this interval returned:

• 40 m @ 0.32% Zn from 228 m,

• Incl. 9 m @ 0.82% Zn from 228 m,

• Incl. 16 m @ 590 ppm Cu from 229 m,

• Incl. 4 m @ 0.11% Pb from 235 m

Towards the bottom of the hole, MMA016 intersected calc-silicate rocks and marbles of the Corella Formation, including an interval of barren marble breccia of similar characteristics to the Marble Matrix Breccia which hosts mineralisation at Ernest Henry.

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Figure 2: MMA016 drill core (111.9-112.1 m). Typical Rhea Shear Zone magnetite shear fabric, locally mylonitic/ductile. Fine-grained magnetite with disseminated fine pyrite (mid-grey), biotite bands (black), pink feldspar clots (pink/orange), with minor pyrite-chalcopyrite stringer veins.

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Figure 3: MMA016 drill core (235.2-235.4 m). Base metal zone below RSZ. Pervasive green alteration with shear banding, disseminated and fine stringer sulphides (1 m assay from this interval returned 2.24% Zn).

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Figure 4 : MMA016 drilling cross-section (view to west). Geological interpretation (top) with Zn-Cu assays, magnetic susceptibility, lithology and alteration shown downhole (assay intersection call outs based on a 0.1% cut-off for Zn-Pb, 0.05% cut off for Cu, and maximum 4 m internal dilution). Geophysical data compilation shown on the same section (bottom) with 3D magnetic inversion shells (red), historical Mount Isa Mines MIMDAS IP section (remodeled by GBM, background grid coloured for resistivity where red is conductive with chargeability contours overlayed), GBM 2022 MLEM plate model and 2023 downhole EM tabular model.

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Figure 5 : Mt Margaret Project FC4 prospect geological interpretation (top) and magnetic signature (bottom) with all GBM drilling (MMA series) and historical drill collars coded by Cu and Co. Priority targets shown dashed yellow.

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E1 (Mt Margaret) Deposit Summary

While the EM plate model has probably been tested adequately in this location at FC4, the strongly sheared and magnetite/sulphide-altered lithology further up the hole in MMA016 indicates the prospectivity potential for stratabound magnetite-hosted mineralisation at FC4 like the E1 deposit located 7 km to the east.

The E1 deposit was discovered by WMC in 1995 from a Starra-style exploration model focusing on magnetic and EM signatures. The deposit is characterised by a sinusoidal double fold pattern in the magnetics with clearly visible fold hinges at E1N and E1S. The discovery hole was the first drill hole into one of the fold hinge magnetic anomalies. The project was mined between 2012-2014 with ore transported the short distance to EHM. The combined E1 pre-mining resource as of 2010 was 48.1 Mt @ 0.72% Cu & 0.21 g/t Au (0.27% Cu cut-off), (Exco 2010).

Host rocks at E1 include metasediments and metavolcanics of the Fort Constantine Volcanics and laminated marbles and Corella Breccias of the Corella Formation. Mineralisation is best developed in laminated protoliths although ore grades also occur locally in the black shales (with pyrrhotite). Mineralisation is considered to be stratabound, replacement style and is structurally controlled at the intersection of tight D3 folds and ENE trending shear zones and NS trending faults.

E1 Characteristics & Similarities with MMA016:

• Lithology – similar interbedded Corella and Fort Constantine meta-sediments (arenites, pelites, black shales, laminated calc-silicates) and volcanics (andesites) with barren Corella carbonate matrix breccias adjacent to the mineralised units at E1 and deeper in MMA016.

• Black Shales – at E1 carbonaceous shales occur in the core of the deposit folds at the mineralisation contact or are directly mineralised with Po-Py-Cpy to ore grade. Numerous Py-Po veins and aggregates are observed in the black shale in MMA016.

• Structure – strong shear fabric in MMA016 in the magnetite zone and at the main E1N resource with similar NE orientation to the primary shear fabric observed in MMA016. Shearing and magnetite development appears stratabound within MMA016, as at E1.

• Alteration – Intense fine-grained magnetite alteration in both, at E1 interpreted as an earlier epigenetic alteration phase overprinted by Cpy. Apatite, biotite, k-feldspar in the early alteration phase with magnetite in both (high P anomalism in MMA016).

• Mineralisation – Cpy at E1 is unusually fine grained (100-500 um) and disseminated within the magnetite. Similar fine disseminated and stringer Cpy is observed in MMA016. At E1 there is a strong correlation between Fe (in Mgt) and Cu and a moderate statistical correlation in the shear zone of MMA016. Beyond the resource areas, stratabound magnetite continues along strike as Cu concentrations diminish at E1. Sphalerite/Galena occur at E1 and are likely in MMA016 (Zn/Pb/Ag anomalism).

• Folding – Best mineralisation at E1 is developed in tight fold hinges at the intersections with shear zones and faults. Parasitic folds occur in MMA016 with the same axis orientation and timing (D3).

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E1: Microfolds in shear fabric (top) and mineralised ‘dark rock’ Mgt-Bt-Py-Kspar altered and sheared rock (Case et al. 2018)

MMA016: Microfolds in strongly sheared psammite (top), Rhea Shear Zone Mgt-Bt-Py- Kspar Cpy shear fabric

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Figure 6 : E1 deposit geology and mineralisation plan (above) and cross-section (below). From Case et al. 2014.

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References

Case, G., Z. Chang, R. Lilly, T. Blenkinsop and H. J.M. (2014). Geology, paragenesis, and alteration patterns of the E1 Group of iron oxide-Cu-Au deposits, Cloncurry District, Northwest Queensland, Australia. SEG 2014 - Colorado, Academics with Exploration: Studies of Mount Isa and Eastern Succession

Case, G., T. Blenkinsop, Z. Chang, J. M. Huizenga, R. Lilly and J. McLellan (2018). Delineating the structural controls on the genesis of iron oxide-Cu-Au deposits through implicit modelling: a case study from the E1 Group, Cloncurry District, Australia. Characterization of Ore-Forming Systems from Geological, Geochemical and Geophysical Studies. K. Gessner, Blenkinsop, T. G. & Sorjonen-Ward, P. London, Geological Society. 1: 349-384.

EXCO Resources (2010). Investor Update Presentation dated April 2010.

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This ASX announcement was approved and authorised for release by: Peter Rohner, Managing Director

For further information please contact:

Investor enquiries Peter Rohner Managing Director +61 8 9316 9100 peter.rohner@gbmex.com.au

About GBM Resources

GBM Resources Limited ( ASX: GBZ) is a well-funded Queensland based mineral exploration and development company focused on the discovery of world-class gold and copper deposits in Eastern Australia. The company has a high calibre project portfolio, hosting district scale mineral systems, located in several premier metallogenic terrains.

GBM’s flagship project in the Drummond Basin (QLD) holds ~1.84 Moz of gold in JORC resources (Mt Coolon, Yandan and Twin Hills). Some tenements in the Basin have recently become the subject of a A$25m farm-in with Newcrest. 2023 will see an expanded drilling program which is aiming to define 2-3 Moz and support GBM’s transition into a mid-tier Australian gold company.

Separately GBM also holds tenements in the Mt Morgan district, in the Mt Isa Inlier in Queensland (JV with Nippon Mining Australia - 55%) and also holds a 100% interest in the White Dam Gold-Copper Project in South Australia. Divestment of these non-core assets is in progress.

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Neil Norris, who is a Member of The Australasian Institute of Mining and Metallurgy and The Australasian Institute of Geoscientists. Mr Norris is a full-time employee of the Company and is a holder of shares and options in the company. Mr Norris has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Norris consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.

The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original reports.

Where the Company refers to the exploration results and Mineral Resources in this report (referencing previous releases made to the ASX), it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource estimates with that announcement continue to apply and have not materially changed.

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APPENDIX 1: GBM Mineral Resource Estimate for the Drummond Basin Projects (Mt Coolon, Yandan and Twin Hills) along with other company interests

Deposit	Resource Category	Resource Category	Resource Category	000' t Aug/t Au oz Total	Cut-off
	000' t Aug/t Au oz Measured	000' t Aug/t Au oz Indicated	000' t Aug/t Au oz Inferred
	Koala -ML
Open Pit UG Extension Tailings	114 1.7 6,200	670 2.6 55,100 50 3.2 5,300 9 1.6 400	440 1.9 26,700 260 4 34,400	1,120 2.3 81,800 320 3.9 39,700 124 1.6 6,600	0.4 2.0 1.0
Sub Total	114 1.7 6,200	729 2.6 60,800	700 2.7 61,100	1,563 2.5 128,100
	Eugenia
Oxide - Open Pit Sulphide - Open Pit		885 1.1 32,400 905 1.2 33,500	597 1.0 19,300 1,042 1.2 38,900	1,482 1.1 51,700 1,947 1.2 72,400	0.4 0.4
Sub Total		1,790 1.1 65,900	1,639 1.1 58,200	3,430 1.1 124,100
	Glen Eva - ML
Sub Total - Open Pit		1,070 1.6 55,200	580 1.2 23,100	1,660 1.5 78,300	0.4
	Yandan - ML
East Hill - Open Pit Yandan South - Open Pit		4,860 1.5 240,000	7,900 0.8 203,000 900 0.6 16,000	12,800 1.1 443,000 900 0.6 16,000	0.4 0.3
Sub Total		4,860 1.5 240,000	8,800 0.8 219,000	13,700 1.0 459,000
	Illamahta
Oxide - Open Pit Sulphide - Open Pit			1,147 0.7 26,900 1,045 0.9 28,600	1,147 0.7 26,900 1,045 0.9 28,600	0.4 0.4
Sub Total			2,192 0.8 55,500	2,192 0.8 55,500
	Twin Hills - ML
309 - Open Pit 309 - UG Lone Sister - Open Pit Lone Sister - UG	830 2.5 73,900	5,480 1.3 235,200 190 4.0 24,500 5,250 1.3 277,300 370 2.9 34,300	3,650 1.1 129,800 480 3.9 59,900 6,550 0.9 188,500 310 2.6 25,800	9,960 1.4 438,900 670 3.9 84,400 11,800 1.1 415,800 680 2.7 60,100	0.4 2.0 0.4 2.0
Sub Total	830 2.5 73,900	11,290 1.6 571,300	10,990 1.1 404,000	23,110 1.3 999,200
Drummond Basin Total	944 2.6 80,100	19,739 1.6 993,200	24,901 1.0 820,900	45,655 1.26 1,844,200
	White Dam - ML
Hannaford - Open Pit Vertigo - Open Pit White Dam North - Open Pit		700 0.7 16,400 300 1.0 9,400 200 0.5 2,800	1,000 0.8 26,900 1,400 0.6 29,000 1,000 0.6 17,600	1,700 0.8 43,300 1,700 0.7 38,400 1,200 0.5 20,400	0.2 0.2 0.2
Sub Total		1,200 0.7 28,600	3,400 0.7 73,500	4,600 0.7 101,900
cut-off grade is 0.20 g/t Au for a	ll, Vertigo is restricted to above 150RL (~70m below surface)
Malmsbury - RL, No	te Malmsbury ounces referred to in this table are subject to the SPA completion, Refer ASX:GBZ release 10 March 2023
Sub Total - UG			820 4.0 104,000	820 4.0 104,000	2.5
Sub Total - UG - GBM Share			410 4.0 52,000	410 4.0 52,000	2.5
GBM Total	1,998,100

The announcements containing the Table 1 Checklists of Assessment and Reporting Criteria relating to the 2012 JORC compliant Resources are:

• Koala/Glen Eva and Eugenia – GBM ASX Announcement, 4 December 2017, Mt Coolon Gold Project Scoping Study, note these resources have not been verified by Newcrest and are on tenements subject to a recent farm-in agreement with Newcrest

• Yandan – GBM ASX Announcement, 23 December 2020, Mt Coolon and Yandan Combined Resources Total 852,000 oz, following completion of Yandan acquisition, GBM ASX Announcement, 14 March 2023, Results of Yandan Mineral Resource Update

• Twin Hills – GBM ASX Announcements, 18 January 2019, Mt Coolon and Twin Hills Combined Resource Base Approaches 1 Million Ounces, 2 February 2022, Significant Resource Upgrade at Twin Hills Project and 5 December 2022, Twin Hills Gold Project Upgrades to ~1 Moz Mineral Resource

• White Dam – GBM ASX Announcement, 18 August 2020, White Dam Maiden JORC 2012 Resource of 102 koz

• Malmsbury – GBM ASX Announcement, 4 July 2019, Malmsbury Resource Upgraded to JORC 2012, refer note in table also.

• a) The preceding statements of Mineral Resources conforms to the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition”

• b) All tonnages are dry metric tonnes

• c) Data is rounded to (‘000 tonnes, 0.0 g/t and ‘000 ounces). Discrepancies in totals may occur due to rounding

• d) Resources have been reported as both open pit and underground with varying cut-off based off several factors as discussed in the corresponding Table 1 which can be found with the original ASX announcement for each Resource

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APPENDIX 2: Drill Hole Details

HOLE ID	COORDSYS	EASTING	NORTHING	RL	AZI GRID	DIP	Includes	DEPTH FROM	DEPTH TO	INTERVAL (m)	Cu (ppm)	Zn(%)	Pb(%)
MMA016	MGA_Z54	473000	7744915	148	0	-60		169	174	5	535	-	-
								228	268	40	-	0.32	-
							incl	228	237	9	-	0.82	-
							inc.	229	245	16	590	-	-
							inc.	235	239	4	-	-	0.11

Table 1: Mt Margaret Project , Cloncurry. The reported base metal intersections from drilling were calculated using length-weighted averages and parameters that include a 0.1% cut-off grade for Zn, a 500 ppm cut-off grade for Cu and Pb and no more than 4 m internal waste for all metals. Higher grade “Includes,” intercepts calculated for Zn used a 0.3% cut-off grade and no internal dilution.

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APPENDIX 3: JORC Code, 2012 Edition – Table 1 Cloncurry JV Project

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

(The 2022 Moving Loop EM survey at FC4 was previously reported in ASX announcement 14 April 2023)

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. • • • • • • • • • •	Geophysics: Down Hole Electromagnetic (DHEM) surveying was undertaken by GAP Geophysics Australia Pty Ltd as a ground- based survey using light vehicles for equipment transport and support. The survey was completed on drill hole MMA016 at the FC4 Mt Margaret prospect. The drill hole was cased to 540 m down hole with 50mm Class 18 PVC non-slotted pipe. A Gap GeoPak HPTX-80 surface loop transmitter was used for the surveys. An EMIT DigiAtlantis probe was utilised for the down hole receiver system. The EMIT DigiAtlantis receiver uses a 3-component fluxgate magnetometer (B-field) probe. Transmitter loop geometry consisted of single turns using 35 mm2 wire on a 500 x 600 m loop geometry setup. Drilling: Sampling of HQ3 diamond drilling (DD) core from FC4 prospect drill hole MMA016. Drill core was sawed longitudinally in half for primary samples or quarter cored for duplicate samples. Samples were bagged into calico bags and sent to ALS Mt Isa, which prepared the samples using industry standard procedures for Fire Assayand Multi-element analysis.
Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). • •	Pre-collar drilling using standard Mud Rotary (MR) drilling methods from surface to top of competent crystalline basement rocks. Diamond drilling utilised standard wireline drilling methods at HQ3 size below cover sediments within Proterozoic sequence.

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Criteria	JORC Code explanation	Commentary	Commentary
		•	Drill holes were surveyed at 6 m, then 30 m intervals
			downhole, and at the end of hole using a Boort Longyear Gyro
			digital hole survey tool.
		•	All drill hole runs were measured for orientation using a Boort
			Longyear TruCore orientation tool.
		•	Diamond drilling was completed to a maximum depth of 558.2
			metres.
Drill sample	• Method of recording and assessing core and chip	•	Diamond core recovery was recorded in diamond drill logs run
recovery	sample recoveries and results assessed.		by run. Recovery was excellent (>99% over the drill hole
	• Measures taken to maximise sample recovery and		length) using conventional core barrel equipment. Any core
	ensure representative nature of the samples.		loss was recorded in geological logs.
	• Whether a relationship exists between sample recovery	•	The sampling methods used (DD half core) are representative
	and grade and whether sample bias may have occurred		when done well. No sample bias was detected.
	due topreferential loss/gain of fine/coarse material.
Logging	• Whether core and chip samples have been geologically	•	All diamond drill core was washed and metre-marked where
	and geotechnically logged to a level of detail to support		required, orientated, and then selectively logged for
	appropriate Mineral Resource estimation, mining studies		geotechnical parameters (RQD, rock strength), lithology,
	and metallurgical studies.		mineralisation, weathering, alteration, quartz vein style and
	• Whether logging is qualitative or quantitative in nature.		percentage and number of quartz veins per metre, magnetic
	Core (or costean, channel, etc.) photography.		susceptibility and representative density measurements.
	• The total length and percentage of the relevant	•	All drill core was photographed.
	intersections logged.	•	The logging is of a standard that allows identification and
			interpretation of key geological features to a level appropriate
			to support mineral resource estimation.
Sub-	• If core, whether cut or sawn and whether quarter, half or	•	The diamond drill core was sampled by cutting the core in half
sampling	all core taken.		longitudinally. Samples were cut to geological boundaries or to
techniques	• If non-core, whether riffled, tube sampled, rotary split,		a preferred length of 1.0 m. The core was halved along the
and sample	etc. and whether sampled wet or dry.		plane of orientation using a diamond saw and the upper half of
preparation	• For all sample types, the nature, quality and		the core dispatched for analysis and the lower half returned to
	appropriateness of the sample preparation technique.		the core tray in its original orientation.
	• Quality control procedures adopted for all sub-sampling	•	Sample intervals ranged from 0.8 m to 1.2 m.
	stages to maximise representivity of samples.	•	All samples were crushed and pulverized (ALS CRU-21/PUL-
	• Measures taken to ensure that the sampling is		23) and sub-sampled for Fire Assay and Multi-Element
	representative of the in situ material collected, including for		analysis.
	instance results for field duplicate/second-half sampling.	•	The sampling methods and sample sizes are appropriate to
	• Whether sample sizes are appropriate to the grain size		the style of mineralisation (Iron Oxide Copper Gold sulphides
			or the oxidized equivalents).

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
of the material being sampled.
Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. • • • • • • • • • •	Geophysics: GAP Geophysics DHEM equipment is described above. Transmitter timing is by internal control with GPS synchronization. The 3-component DigiAtlantis receiver sensor acquires three orthogonal components: A - parallel to hole axis, positive up hole, U – perpendicular to hole axis in the vertical plane positive toward 12 o’ clock when looking down hole, V – perpendicular to hole axis in the horizontal plane positive toward 9 o’ clock when looking down hole. DHEM acquired as Time Domain data with a 24k Hz sample rate and a transmitter frequency of 0.125-10 Hz. Initial QC is performed on the data using SMARTem24 (SMART Fluxgate or RVR) in Office mode. Crosschecks include survey specifications, synchronisation, loop positioning and polarity convention. At the conclusion of each day, the acquired data (including stacked and raw data) for the day are backed up to an external hard drive. Stacked data are always archived long term. However, due to the excessive storage requirements, the raw data are generally only retained for the duration of the survey and subsequent QC period. Drilling: ALS Laboratories Au-AA26 (50 g Fire Assay): A prepared sample is fused with a mixture of lead oxide, sodium carbonate, borax, silica and other reagents as required, inquarted with 6 mg of gold-free silver and then cupelled to yield a precious metal bead. The bead is digested in 0.5 mL dilute nitric acid in the microwave oven. 0.5 mL concentrated hydrochloric acid is then added and the bead is further digested in the microwave at a lower power setting. The digested solution is cooled, diluted to a total volume of 10 mL with de-mineralised water, and analyzed by atomic absorption spectroscopy against matrix-matched standards. ALS Laboratories ME-MS61; a 0.5 g sample is subjected to near-total digestion bya four-acid mixture and finished with a

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
• • •	combination of ICP Mass Spectrometry (MS) and Atomic Emission Spectroscopy (AES). No handheld laboratory tools were used (e.g. Niton) with all assays performed at external laboratories. Laboratory QAQC involves the use of internal lab standards using certified reference material, blanks, splits and replicates as part of the in-house procedures. GBM Resources staff used an industry accepted QAQC methodology incorporating laboratory in-house QAQC and additional blind field duplicates, blanks and matrix specific reference material (Standards). Standards and blanks were inserted at a rate of two each (alternating) per hundred samples and field duplicates at a nominal rate of two per hundred with geologist discretion for duplicate placement. Standards selected were at appropriate grade range and mineralisation type for the material beingassayed.
Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • • • • • • • •	Geophysics: Data are acquired using the various receivers as previously described. The SMARTem Projects are uploaded to GAP servers on a nightly basis for Quality Control checks prior to any loop retrieval. Project manager and consultant geophysicist Greenfields Geophysics Pty Ltd performed regular data verification checks throughout the program in addition to GAP in-house verification. EM data modelling consultant Montana GIS also verified data during the 3D modelling process. Drilling: All significant intersections were checked and verified internally by senior qualified GBM staff. Twinned holes were not completed. All primary drill core and rock chip data was documented, verified (including QAQC analysis) and stored using GBM procedures and industry-standard database software.
Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource • •	Geophysics: Transmitter loop location is surveyed by handheld GPS and imported into GPS Trackmaker software. The resultingGPS

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • • • • •	tracks are provided to the QC Manager and Down hole receiver location and orientations are recorded by the internal inbuilt Gyro receiver in GDA MGA Z54 coordinate system. Elevation control is tied to the Geocentric Datum of Australia (GDA94) and Australian Height Datum (AHD), calculated using AusGeoid09. Drilling: The drill hole collar was surveyed by GBM staff using a hand- held GPS. Downhole surveying of diamond drilling was carried out at 6 m, every 30 m from thereon and at end of hole using a Boort Longyear Gyro digital hole surveysystem.
Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • • • • •	Geophysics: DHEM transmitter loop size was 500 x 600 m approximately centered on the drill collar point. Drilling: Drilling was of a scout nature and is not of sufficient spacing and distribution for Mineral Resource and Ore Reserve estimation. Samples were notphysicallycomposited.
Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • • • • •	Geophysics: The rectangular DHEM transmitter loop orientation was parallel and orthogonal to the drill hole azimuth. Drilling: The drill hole azimuth was orientated to drill across modelled potential mineralisation strike at a high angle to the interpreted mineralisation geometry where possible. Cross section interpretations indicate the hole dip was at a high angle to the geophysical target and the interpreted stratigraphy geometry. No sampling bias is considered to have been introduced by the drillingorientation.
Sample security • The measures taken to ensure sample security. • •	Drilling: All samples were transported to ALS Mt Isa laboratory by Company personnel where they were processed by ALS and on-shipped directlyto ALS Laboratories in Townsville and

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Criteria	JORC Code explanation	Commentary	Commentary
			Brisbane for analysis.
		•	Core, coarse rejects and pulps are stored at the GBM sample
			and core storage facilityin Mt Isa, Queensland.
Audits or	• The results of any audits or reviews of sampling	•	No audits have been conducted however the geophysical data
reviews	techniques and data.		was reviewed by geophysical contractors Greenfields
			Geophysics Pty Ltd and Montana GIS Pty Ltd on completion
			of the DHEM survey.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	• Type, reference name/number, location and	•	In 2010 GBM entered a major Farm In Agreement for the Cloncurry
tenement and	ownership including agreements or material		Project with Pan Pacific Copper now held through their registered
land tenure	issues with third parties such as joint ventures,		subsidiary Cloncurry Exploration & Development Pty Ltd (CED).
status	partnerships, overriding royalties, native title		During 2016/7, A Joint Venture (JV) Agreement was finalised in the
	interests, historical sites, wilderness or national		December quarter 2017. The JV was restructured in 2020 and
	park and environmental settings.		Nippon Mining of Australia (NMA, a wholly owned subsidiary of JX
	• The security of the tenure held at the time of		Metals Corporation (JXM) is now the sole partner. NMA currently
	reporting along with any known impediments to		holds approximately 55% and GBM 45% interest respectively in the
	obtaining a licence to operate in the area.		project. To date, the Farm-in parties have spent over A$17M on
			exploration within the Project tenements.
		•	The GBM/NMA Cloncurry Project comprises eleven granted EPM's
			held by GBM's subsidiary company Isa Tenements Pty Ltd. The
			tenement area totals over 810 km2.
		•	A 2 % net smelter royalty is payable to Newcrest Mining Ltd on 5 of
			the 11 project leases, including four within the Mt Margaret Project
			(EPMs 16398,16622,18172 and 18174).
Exploration	• Acknowledgment and appraisal of exploration	•	The majority of the historic exploration within the Cloncurry Project JV
done by other	by other parties.		has been completed within the Mt Margaret project area.
parties		•	The very large historical Mount Fort Constantine Joint Venture
			tenements have been explored by a number of companies prior to
			WMC. Earlywork byCRAE,Chevron,Teton and then ANZ Exploration,

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Criteria	JORC Code explanation	Commentary	Commentary
			between 1974 and 1979, concentrated on exploring for roll-front
			uranium deposits in the Mesozoic cover sequences. Chevron in
			particular drilled a large number of holes, many of which intersected
			basement. BHP pegged most of the current lease area as the Mount
			Margaret tenement from 1984 - 1986 because the area contained the
			largest undrilled magnetic anomalies in the Mount Isa block. A number
			of holes were drilled to basement without success exploring for
			magnetite skarn and ironstone-gold deposits.
		•	Hunter Resources were granted the tenements covering the EPM 8648
			area in March 1990 and entered a joint venture with WMC, who
			managed the project. WMC identified 7 target areas, FC1 - 7 with TEM,
			as being prospective for Starra style magnetic iron oxide hosted Cu-Au
			mineralisation. During 1991 drilling identified ore grade intersections at
			FC5, subsequently named 'Ernest Henry'. In February 1992 the current
			tenements were granted to the WMC/Hunter Resources JV. MIMEX
			joined the JV in place of Hunter Resources during 1993, although
			WMC continued to manage the project until 1996 when MIMEX
			assumed management and sole funding of the project. In 2003 Xstrata
			assumed management of exploration of the project until 2006.
		•	Western Mining Corporation (WMC), MIM Exploration Pty Ltd (MIMEX)
			and Xstrata Copper Exploration Pty Ltd (Xstrata) completed extensive
			exploration activities over many of the Mt Margaret tenements (FC1 to
			FC15 and other prospects outside GBM tenement areas). Activities
			included regional and prospect scale aeromagnetic, ground magnetic,
			gravity, TEM (transient electromagnetic), IP-resistivity (induced
			polarization) and MIMDAS IP-resistivity and MT (magnetotelluric)
			geophysical surveys, along with soil geochemical analysis, and field
			inspections.
		•	Xstrata commenced a comprehensive program of systematic regional-
			style IP-resistivity surveying in July 2003, designed to seek large
			sulphide systems in those areas of Mount Fort Constantine EPM 8648
			not previously surveyed with either WMC IP-resistivity or MIMEX IP.
			Xstrata also conducted additional prospect scale ground magnetics,
			gravity and drilling. Most of the sub-blocks over the EPM 8648 were
			relinquished byXstrata and Newcrestpost 2006. Newcrest Mining

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Criteria	JORC Code explanation	Commentary	Commentary
			Limited (NML) acquired the Mt Margaret West EPM 14614 (now Dry
			Creek tenement - EPM 18172) and carried out work primarily restricted
			to reviewing geological, geophysical and geochemical data from
			previous drilling, due to the scarcity of outcrop within this tenement.
			Previously RC and core drill holes were scan logged, and samples
			submitted for Petrology to assist in understanding the mineralisation
			and geology of the area. During 2006 22 RC holes were drilled within
			the Mt Margaret West EPM 14614. NML determined that significant
			potential remains for a discovery of economic gold-copper
			mineralisation within the area.
Geology	• Deposit type, geological setting and style of	•	Geologically the Mount Isa Inlier is divided into three broad tectonic
	mineralisation.		units: the Western and Eastern Fold Belts and the intervening
			Kalkadoon-Leichardt Belt (KLB). The Western Fold Belt (WFB) is
			subdivided into the Lawn Hill Platform, Leichardt River Fault Trough,
			Ewen Block and Myally Shelf. The Eastern Fold Belt (EFB) is
			subdivided into the Mary Kathleen, Quamby-Malbon and Cloncurry-
			Selwyn zones and the KLB includes the western parts of the Wonga
			Belt and Duchess Belt.
		•	In the Mt Isa Inlier, a deformed and metamorphosed Proterozoic
			basement of mixed sedimentary and igneous rocks older than 1870Ma
			is overlain by Proterozoic supracrustal rocks which are subdivided into
			four major sequences each separated by unconformities. Cover
			Sequence 1, which is confined mainly to the KLB comprises a basal
			sequence of subaerial felsic volcanics deposited between 1870-
			1850Ma; Cover Sequences 2, 3 and 4 comprise mainly fluviatile and
			shallow marine/lacustrine sedimentary rocks and bimodal volcanics
			that were deposited between 1790-1720Ma, 1680-1620Ma and ~1620-
			1590Ma, respectively.
		•	Two major tectonostratigraphic events are recognised in the Mt Isa
			Inlier. The first was the Barramundi Orogeny which at 1870Ma
			regionally deformed the basement. The second involved two periods of
			crustal extension between 1790-1760Ma and 1680-1670Ma lead to
			basin formation. This period was terminated between 1620-1550Ma by
			regional compressional deformation andpost orogenicgranite

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Criteria	JORC Code explanation	Commentary	Commentary
			emplacement resulting in folding and high and low angle faulting and
			regional metamorphism to amphibolite facies.
		•	Granites and mafic intrusions were emplaced at various times before
			1100Ma. With those older than 1550Ma being generally
			metamorphosed and deformed. The major granite plutons are grouped
			into a number of batholiths, from west to east are the Sybella
			(~1670Ma) in the WFB, Kalkadoon (~1860Ma), Ewen (~1840Ma) and
			the Wonga (1740-1670Ma) Batholiths in the KLB, and the late to post
			tectonic Naraku (~1500Ma) and Williams (~1500Ma) Batholiths in the
			EFB. Other smaller granitic intrusions include the Weberra (~1700Ma),
			Big Toby (~1800Ma) and Yeldham (~1820Ma) granites.
		•	Most of the gold and copper produced to date in the Mt Isa Inlier has
			come from intrusive and/or shear and fault controlled deposits in the
			EFB.
Drill hole	• A summary of all information material to the	•	Detailed drill hole information is provided in the accompanying Table 1
Information	understanding of the exploration results including		in Appendix 2.
	a tabulation of the following information for all
	Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation
	above sea level in metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified
	on the basis that the information is not Material
	and this exclusion does not detract from the
	understanding of the report, the Competent
	Person should clearly explain why this is the
	case.
Data	• In reporting Exploration Results, weighting	•	The reported base metal intersections from drilling were calculated
aggregation	averaging techniques, maximum and/or minimum		using length-weighted averages and parameters that include a 0.1%
methods	grade truncations (e.g. cutting of high grades)		cut-off grade for Zn, a 500 ppm cut-off grade for Cu and Pb and no
	and cut-off grades are usually Material and		more than 4 m internal waste for all metals. Higher grade “Includes,”
	should be stated.		intercepts calculated with 0.3%Zn cut-offgrade and no internal

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Criteria	JORC Code explanation	Commentary	Commentary
	• Where aggregate intercepts incorporate short		dilution.
	lengths of high grade results and longer lengths	•	Metal equivalents were not reported.
	of low grade results, the procedure used for such
	aggregation should be stated and some typical
	examples of such aggregations should be shown
	in detail.
	• The assumptions used for any reporting of
	metal equivalent values should be clearly stated.
Relationship	• These relationships are particularly important	•	Reported base metal intersections from drilling represent apparent
between	in the reporting of Exploration Results.		widths.
mineralisation	• If the geometry of the mineralisation with
widths and	respect to the drill hole angle is known, its nature
intercept	should be reported.
lengths	• If it is not known and only the down hole
	lengths are reported, there should be a clear
	statement to this effect (e.g. ‘down hole length,
	_true width not known’). _
Diagrams	• Appropriate maps and sections (with scales)	•	Collar plans showing drill collar locations, and drilling cross-sections of
	and tabulations of intercepts should be included		reported intersections are included.
	for any significant discovery being reported These	•	A table of intersections from new assay data is included. See Appendix
	should include, but not be limited to a plan view of		2.
	drill hole collar locations and appropriate
	sectional views.
Balanced	• Where comprehensive reporting of all	•	A table of intersections from new assay data is included. See Appendix
reporting	Exploration Results is not practicable,		2.
	representative reporting of both low and high
	grades and/or widths should be practiced to avoid
	misleading reporting of Exploration Results.
Other	• Other exploration data, if meaningful and	•	New down hole geophysical data relating to the drilling program is
substantive	material, should be reported including (but not		reported.
exploration	limited to): geological observations; geophysical
data	survey results; geochemical survey results; bulk
	samples – size and method of treatment;
	metallurgical test results; bulk density,
	groundwater, geotechnical and rock

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Criteria	JORC Code explanation	Commentary	Commentary
	characteristics; potential deleterious or
	contaminating substances.
Further work	• The nature and scale of planned further work	•	A program of follow-up RC drilling is planned to test interpreted targets
	(e.g. tests for lateral extensions or depth		along the prospective Rhea Shear Zone structural trend. Drilling is
	extensions or large-scale step-out drilling).		scheduled for the fourth quarter 2023.
	• Diagrams clearly highlighting the areas of
	possible extensions, including the main
	geological interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.

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